R3 Supports Isda for Blockchain Standards Work

Blockchain consortium will work with trade body for common standards on smart contracts and distributed-ledger development

R3, an industry consortium focused on distributed-ledger technology that counts dozens of global banks among its membership, announced on June 14 that it will be working with the International Swaps and Derivatives Association (Isda) to standardize data, legal documentation and business processes for derivatives smart contracts on the distributed ledger.

A smart contract is a piece of code that exists on the distributed ledger, which can automate the execution of post-trade lifecycle events and